FTSE 100 movers: Asia-focused banks tumble; JD Sports in the black

(Sharecast News) - London's FTSE 100 was down 0.1% at 10,325.79 in afternoon trade on Thursday. Asia-focused banks Prudential, Standard Chartered and HSBC all dropped sharply on reports banks were restricting investment accounts following moves by Beijing to crack down on capital outflows.

According to the South China Morning Post, residents of mainland China appear to be facing greater restrictions on opening offshore accounts at mainland branches of Hong Kong banks.

The report said the Shanghai branch of Hong Kong's Bank of East Asia had suspended opening accounts that allow people on the mainland to invest overseas, which are typically favoured by high net worth customers. The newspaper referenced an unnamed bank manager who said clients had been surprised by the decision.

Beijing is looking to boost regulatory oversight of capital outflows - which reportedly reached $807bn last year, the highest on record - and earlier in the week they expanded outbound investment regulations to explicitly cover individual investors for the first time, according to The Straits Times.

Elsewhere, miners Antofagasta and Rio Tinto fell as copper prices retreated.

Shell was also under the cosh after oil prices fell further following a Wall Street Journal report that US President Donald Trump won't resume all-out war with Iran unless US troops are killed.

Sainsbury's and Vodafone lost ground as they traded without entitlement to the dividend.

On the upside, JD Sports rallied following a report it is exploring a sale of the wholesale business which owns a licence to the Billionaire Boys Club streetwear brand founded by music star Pharrell Williams.

According to Sky News, the sportswear retailer is working with advisers at Interpath on a potential deal. Prospective acquirers of the BBC licence have been sounded out in recent weeks about a transaction, Sky sources said.

FTSE 100 - Risers

JD Sports Fashion (JD.) 88.26p 5.41% London Stock Exchange Group (LSEG) 9,124.00p 5.01% Relx plc (REL) 2,549.00p 4.72% Autotrader Group (AUTO) 461.20p 3.42% Entain (ENT) 571.20p 3.25% 3i Group (III) 2,200.00p 3.19% Experian (EXPN) 2,598.00p 3.05% Haleon (HLN) 330.60p 2.96% The Sage Group (SGE) 876.80p 2.77% Rightmove (RMV) 443.00p 2.71%

FTSE 100 - Fallers

Prudential (PRU) 977.60p -6.71% Standard Chartered (STAN) 1,911.50p -4.90% HSBC Holdings (HSBA) 1,341.40p -3.68% Antofagasta (ANTO) 4,144.00p -3.43% Rio Tinto (RIO) 7,871.00p -2.50% Sainsbury (J) (SBRY) 297.90p -2.20% Shell (SHEL) 3,221.00p -1.41% Vodafone Group (VOD) 111.75p -1.32% British American Tobacco (BATS) 4,342.00p -1.25% Metlen Energy & Metals (MTLN) 40.41p -1.05%